March 30, 2007 Huelva/Moscow – Commercial Court of Huelva, Spain has recognized and rendered subject to execution on the territory of Spain a Judgment of Arbitration Court of Murmansk Region of June 09, 2006, which bound a Mauritanian company Société de Promotion de la Pêche (SPP S.A.) to return the misappropriated ATF’s South Group trawlers to their Russian proprietor, a company 100% owned by the Russian Federation, represented by Russian State Property Management Agency.

Presently Russian attorneys implement orders of the Spanish court required to successfully transfer the vessels to their rightful owner in Russia. OJSC Archangelsk Trawling Fleet is represented by Law Offices of EPAM.

In judgment passed on a claim by OJSC Archangelsk Trawling Fleet on June 09, 2006 the Arbitration Court of Murmansk Region ruled that the Defendant, Société de Promotion de la Pêche has no legal grounds for possession of ATF’s fishing vessels “Captain Kononov”, “Yuozas Alexonis” and “Trawlmeister Mogutov”, and ordered the Mauritanian firm to disgorge the trawlers to the rightful owner in Russia.

At this time two of the three disputed trawlers – Widad-2 (original name “Yuozas Alexonis”) and Widad-3 (formerly “Trawlmeister Mogutov”) are located in Spain under attachment. The third trawler, “Captain Kononov” currently renamed to “Atlantic Shark” has been seized in Namibia as a result of a claim filed following instructions of the Russian side.

The recognition by a Spanish court of Judgment of the Arbitration Court of Murmansk Region is an important step towards the ultimate return of the South Group’s trawlers to the owner in Russia. Russian attorneys also hope it will become precedent that will facilitate the recovery of the third ATF’s trawler under attachment in Namibia.